Trading History - The Russian Crisis

This week we're going back to July 12th of 1998 when Russia secures a $11 billion financial aid package from the IMF. It took place in the first decade after Russia's transition from communism to free market economy. Inflation ran at 27 percent in 98, 85 percent in 1999 due to that massive currency adjustment. The Russian stock and bond currency markets collapsed as a result of fear of a ruble devaluation and a default on domestic debt.